Shulem Herman Acquires Far Rockaway Hotel From Riverbrook Equities For $25M

The hotel located at 43-17 Rockaway Beach Blvd in Far Rockaway has been sold for $25,000,000. The property has a total square footage of 48,622 and a price per square foot of $514. The transaction included the transfer of 99 keys, resulting in a price per key of $252,525.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $25,000,000
• Address: 43-17 Rockaway Beach Blvd, Far Rockaway
• Market: Far Rockaway
• Buyer: Shulem Herman
• Seller: Riverbrook Equities - Steven Mendel
• Square Footage: 48,622
• Price per Square Foot: $514
• Keys: 99
• Price per Key: $252,525

Shulem Herman was the buyer in this transaction, while Riverbrook Equities, represented by Steven Mendel, acted as the seller. This successful deal highlights the significance of the hotel asset type in the Far Rockaway market.